One of the Most Important Aspects of a Successful BI

question 19

True/False

One of the most important aspects of a successful BI is that it must be of benefit to the enterprise as a whole rather than a single manager or task.

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Definitions:

Probability

A numerical assessment between 0 and 1 indicating how probable it is for an event to take place.

Expected Value

The weighted average of all possible values of a random variable, with weights being their respective probabilities.

Probability

A measure quantifying the likelihood of a specific event occurring, often expressed as a number between 0 and 1.

Von Neumann-Morgenstern Utility Function

A utility function that assumes individuals can rank their preferences under uncertainty, used in expected utility theory to describe choices.